The 2019 strategic outlook document discusses several topics including:
1) The acquisition of Cottonwood Mall in Chilliwack, BC in February 2019 and the plans for redeveloping the property.
2) The investment in Empire in December 2016 after its stock price dropped significantly due to worse-than-expected quarterly results. Empire has significantly outperformed the market since.
3) Four season investing patterns from history that could provide insight into the current market environment and economic cycle. The presentation of historical data and analogies suggests the market may be in a late stage of the economic expansion.
This is a description of the national and Richmond VA real estate market produced by Lacy Williams of Joyner Fine Properties. Contact Lacy at 804-864-0316 for all of you real estate needs.
This is a report on the National real estate market as well as the local real estate market in Richmond, Virginia produced by Lacy Williams of Joyner Fine Properties.
On April 28, we presented our Strategic Outlook in a new virtual format hosted by President David Sung, featuring presenters John Nicola, Chairman & CEO, and Rob Edel, Chief Investment Officer, for a look back at 2020, how the past 12 months have already shaped the economic landscape ahead of us and where do we go from here.
This is a description of the national and Richmond VA real estate market produced by Lacy Williams of Joyner Fine Properties. Contact Lacy at 804-864-0316 for all of you real estate needs.
This is a report on the National real estate market as well as the local real estate market in Richmond, Virginia produced by Lacy Williams of Joyner Fine Properties.
On April 28, we presented our Strategic Outlook in a new virtual format hosted by President David Sung, featuring presenters John Nicola, Chairman & CEO, and Rob Edel, Chief Investment Officer, for a look back at 2020, how the past 12 months have already shaped the economic landscape ahead of us and where do we go from here.
Positive signs of a continued recovery were prevalent in Q1 2021, with vaccinations gaining critical mass, GDP showing growth, and the country opening back up for business. Additionally, M&A continues to be a tidal wave of activity, preparing to make landfall in Q4 2021.
In this annual Strategic Outlook seminar, we will discuss what the markets have in store for 2018, and beyond.
Presenters:
John Nicola, Chairman & CEO
John will address several issues facing high net worth families:
- How will the Liberals’ tax changes affect financial planning for Canadians?
- How will inflated prices impact future returns?
- Are there best practices for navigating the current environment?
Rob Edel, Chief Investment Officer
Rob will provide an investment roadmap for 2018:
- After a record-breaking period for the S&P 500, what signs might indicate an economic downturn?
- What current events could most affect the economy and investment strategy?
- What should one make of bitcoin, marijuana stocks, electric vehicles, and other hot topics for the upcoming year?
The Nicola Wealth Strategic Outlook, hosted by President David Sung, featured presentations by John Nicola, Chairman & CEO, and Rob Edel, Chief Investment Officer, Bijal Patel, CFO and Head of Private Capital, and Mark Hannah, Managing Director, Nicola Wealth Real Estate. Our speakers each weighed in on the issues influencing today’s investing environment and how they impact their respective asset classes.
In our annual Toronto event, held at the Four Seasons Toronto, we presented Strategic Decisions for an Uncertain Future:
John Nicola, Chairman & CEO addresses several issues facing high net worth families:
• How will the Liberals’ tax changes affect financial planning for Canadians?
• How will inflated prices impact future returns?
• Are there best practices for navigating the current environment?
Rob Edel, Chief Investment Officer provides an investment roadmap for 2018:
• After a record-breaking period for the S&P 500, what signs might indicate an economic downturn?
• What current events could most affect the economy and investment strategy?
• What should one make of bitcoin, marijuana stocks, electric vehicles, and other hot topics for the upcoming year?
What North America’s top finance executives are thinking - and doingΔρ. Γιώργος K. Κασάπης
Each quarter (since 2Q10), CFO Signals has tracked the thinking and actions of CFOs representing many of North America’s largest and most influential companies. All respondents are CFOs from the US, Canada, and Mexico, and the vast majority are from companies with more than $1 billion in annual revenue. The 1Q 2021 survey was open from February 8-19, 2021. A total of 128 CFOs participated, 69% from public companies and 31% from privately held companies.
Wha you will learn are the 7 rules to bring about control of your money. Make your money do what you want it to do. Learn how to stop worrying about money in retirement. Have a plan.
So how do you value the share price of stock for a given company? In other words, what is the intrinsic value of a given stock? Generally speaking, a stock is valued based on the company’s current financial state and what the market believes the company’s future financial state will look like. https://carnick.com/
November 2018 Economic Minute with Dennis HoffmanShay Moser
The Director of the L. William Seidman Research Institute and Professor of Economics Dennis Hoffman shares the arithmetic on whether 3 percent gross domestic product and above is sustainable and why it matters. Listen to his presentation here: https://news.wpcarey.asu.edu/20181115-question-du-jour-about-gdp-growth
NWRE 2020 Review: Making the Best of the Ups and the DownsCharis Whitbourne
Mark Hannah, Managing Director of Nicola Wealth Real Estate, provides a year-end update on the three Nicola Wealth Real Estate LPs, and specifically addresses how they adapted and evolved through 2020 and the pandemic.
Mark also discussed performance results and shared updates on Acquisitions, Leasing, Financing & Development and some insights into the strategic moves his team is pursuing in 2021.
WEBINAR REPLAY: One Year On: COVID-19, Rapid Testing, Vaccines, and a Return ...Charis Whitbourne
Dr. Don Sin, Director of the Centre for Heart Lung Innovation at St. Pauls Hospital, joined CEO John Nicola to share his experience working through a global pandemic and his work in the development and implementation of a rapid, sensitive, and cost-effective diagnostic test for COVID-19.
In this insightful discussion, they also talked about the vaccines, thoughts on government responses, what to be mindful of with the variants and the path to a return back to “normal” society.
Nicola Wealth Specialty Series: The Business Owner's Path to TransitionCharis Whitbourne
An interactive half-day workshop designed specifically for business owners, their business partners, and their close advisors. This workshop focuses on the challenges and solutions faced during the business transition; whether you are preparing to sell your company or pass it to the next generation.
Featuring a panel of seasoned experts, we review a real-world business transition scenario, providing valuable discussion and insight around the complexities of transitions.
Nicola Wealth CEO John Nicola provides an introduction to dental professionals on investment strategies that go beyond stocks and bonds, demonstrating the integrated possibilities of true wealth management.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the what'sapp number.
+12349014282
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
Yes of course, you can easily start mining pi network coin today and sell to legit pi vendors in the United States.
Here the what'sapp contact of my personal vendor.
+12349014282
#pi network #pi coins #legit #passive income
#US
This presentation poster infographic delves into the multifaceted impacts of globalization through the lens of Nike, a prominent global brand. It explores how globalization has reshaped Nike's supply chain, marketing strategies, and cultural influence worldwide, examining both the benefits and challenges associated with its global expansion.
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What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the what's app number of my personal pi vendor to trade with.
+12349014282
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the what'sapp number of my personal pi merchant who i trade pi with.
Message: +12349014282 VIA Whatsapp.
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
BONKMILLON Unleashes Its Bonkers Potential on Solana.pdfcoingabbar
Introducing BONKMILLON - The Most Bonkers Meme Coin Yet
Let's be real for a second – the world of meme coins can feel like a bit of a circus at times. Every other day, there's a new token promising to take you "to the moon" or offering some groundbreaking utility that'll change the game forever. But how many of them actually deliver on that hype?
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
9. Contrarian Investment
Cottonwood Mall, Chilliwack, BC
Acquired – February 2019
Partnership with PCI Developments
248,000 sf enclosed mall
Vacant 92,000 sf former Target store
Remainder of Mall was 94% leased
Tenants include London Drugs, Dollarama, Earl’s
Restaurant, TD Canada Trust, Burger King & Starbucks.
New lease with Save-On Foods to backfill former Target
New free-standing Pad/Store to be constructed
Strong store performance despite retail landscape
Projected IRR: >20%
10. Empire
Analysts despised the name and rightly so as the
company had had a difficult time integrating the
Safeway acquisition and the investment
community lost further faith in management’s
ability to turn Safeway around after they wrote
down half the purchase price.
On December 14, 2016 the company announced
their quarterly results and they were much worse
than analysts had anticipated.
11. Empire
• Dec 14, 2016 - Same-Store-Sales declined 5.1% in Western Canada.
• The stock dropped over 20% over the next 2 days and that is when we
started to invest.
From: Sean Oye
Sent: Thursday,
December 15, 2016 12:11 PM
To: PM Team Email
Subject: Re: EMP/A
“Quarterly results worse than
expected. SSS declined 5.1% in
the West and 2.6% overall. The
stock is down over 16% this
morning.
Overall, this could be an ideal
name to write Put options on.
THI CDN could write the April Puts;
which would provide ~17.74%
annualized premium….”
12. Empire
ANALYSTS IN 2016
No one was “shopping” for Empire stock at the end of
2016
End of 2016 – Stock Market Analysts negative on the stock
Public investors negative on the stock
We found the valuation of the company was very
compelling—it was trading well below our very
conservative estimate of its Net Asset Value
Overall, we felt that the short-term issues were transient,
the introduction of a new CEO would be positive and that
Safeway would get fixed
In essence, we update our Empire sum-of-the-parts model
and decided the current share price didn’t make sense
from a Net Asset Value perspective
So what has Empires performance been since that fateful
reporting period?
13. Empire
ANALYSTS TODAY
What a difference 1 year makes ... Everyone loves it now!
Analysts and investors over the past year have been back
“shopping” the stock.
For us, being contrarian and timing this investment against
market sentiment has made a significant difference to the
returns in our Nicola Tactical Cdn High Income Fund.
Since Dec 16, 2016, Empire’s returns have crushed both the
S&P/TSX return and the two other major Grocers since!
19. 2018 in Review S&P 500
2018 S&P 500 -4.4%First Correction
in 2 Years
-10.2%
Dec 24, 2018
-19.8%
Bloomberg – Feb 22, 2019
20. 2018 in Review S&P/TSX
Bloomberg – Feb 22, 2019
July 12, 2018July 12, 2018 2018
S&P/TSX
-8.9%
Dec 24, 2018
-16.8%
-8.0%
21. 2018 in Review BEAR-o-meter – Global Equity Markets
Bond Yields & S&P 500 Both Move up
Bonds Prices and Stock Prices Negatively Correlated
S&P 500
-19.8%
-18.8%
-27.2%
-23.6%
-16.8%
-22.8%
-34.0%
-22.3%
-18.2%
-16.4%
-23.4%
-18.5%
-26.4%
-21.1%
-25.8%
-30.8%
-23.3%
-16.2%
20.6%
19.0%
21.5%
24.8%
16.8%
9.8%
29.6%
36.7%
15.0%
10.5%
11.0%
16.4%
17.8%
10.7%
18.2%
25.4%
7.4%
18.6%
-40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0%
S&P 500
Dow Industrials
Russell 2000
Nasdaq Composite
S&P/TSX
Mexico IPC
Argentina Merval
Brazil Bovespa
Stoxx Europe 600
FTSE 1000
Germany DAX
France CAC 40
Italy FTSE MIB
Nikkei
Hang Seng
Shanghai Composite
Kospi
Bombay Sensex
Max Drawdown
Recovery
22. 2018 in Review Canadian and U.S. Yield Curves
Jan 1, 2018
Yield Curve
Dec 31, 2018
+60 bps
+69 bps
Yield Curve
Jan 1, 2018
Dec 31, 2018
+28 bps
+18 bps
-8 bps
23. 2018 in Review BEAR-ometer – Fixed Income & Real Assets
-3.2%
-5.1%
-17.7%
-9.5%
-5.5%
-5.9%
-17.3%
-12.3%
-15.1%
-12.7%
-41.5%
-44.3%
-76.8%
-13.6%
-16.2%
-23.6%
-53.3%
-81.2%
-46.1%
-46.5%
6.4%
4.4%
21.6%
8.6%
5.4%
6.6%
4.6%
20.1%
20.8%
20.1%
33.9%
41.4%
277.9%
10.1%
5.7%
14.3%
18.4%
29.0%
53.7%
62.1%
-100.0% -50.0% 0.0% 50.0% 100.0% 150.0% 200.0% 250.0% 300.0%
US Agg Bond
US TIPS
US Leverered Loans
US HY
Global Agg Bond
Global HY
Cdn Preferred Shares
Cdn REIT's
US REIT's
Global REIT's
Brent Oil
WTI Oil
WCS Oil
Gold
Commodities
Copper
Lumber
Bitcoin
Horizons Marijuana ETF
N.A. Marijuana Index
Max Drawdown
Recovery
24. Four Season Investing
S&P 500
Winter
Recession
Rate cut
Min Risk
Summer
Expansion
Rate hikes,
Max Risk
Fall
Slowing Growth
High Inflation
Reduce Risk
Spring
Recovery
Low inflation,
Add Risk
25. 2009-Current
1990 – 2000
1949 - 1956
1957 - 1961
1982 - 1987
2002 - 2007
1974 - 1980
1962 - 1966
1970 - 1973
1987 - 1990
1966 - 1968
1946 - 1948
10%
15%
20%
25%
30%
35%
0 2 4 6 8 10 12
Return(CAGR)
Years
S&P 500 Historical Bull Markets
Barron’s – July 2, 2018
Fortune – August 2018
The Economist – October 11, 2018
Bloomberg Businessweek Aug 2018
Four Season Investing – Investor Sentiment
Sir John Templeton:
Bull markets are born on pessimism
Grow on skepticism
Mature on Optimism
Die on euphoria
26. S&P 500
Four Season Investing – Consumer Sentiment (temperature)
Mar 2000 – 11 mo.
13 Month Average
Apr 1978 - 22 mo
Nov 1980 – 9 mo.
Feb 1989 – 18 mo.
Aug 2007 – 5 mo.
27. Feb 1989 - Aug 1990
18 months
Mar 1997 - Apr 2001
49 months
June 2006 – Jan 2008
19 months
Average
29 months
Four Season Investing – Wage Growth (pressure)
32. The Perfect Storm – Hurricane Donald
New York Times Op Ed – September 2018
I am part of the resistance inside the Trump Administration
“Americans should know that there are adults in the room.
We fully recognize what is happening. And we are trying to
do what’s right even when Donald Trump won’t.”
Betting Odds Trump will be Impeached
In his first Term
(PredicitIt – Mar 25, 2019)
Business Insider – Dec 31, 2018
• March 25 Close – 22%
• Pelosi – “He’s not worth it”
• Mueller Investigation
• No collusion
33. The Perfect Storm – Hurricane Donald
S&P 500
South China Morning Post WSJ – Feb 19, 2019
USA: 25% tariff on $50 billion, 10% Tariffs on
$200 billion (increasing to 25% by end of
2018)
China: Proposed or imposed tariffs on $110
billion by December 2018
The Deal (we think)
• Easy
• China buys more US goods
• Harder
• Protection of Intellectual property
• Reduce government subsidies to
Chinese SOE’s
• End technology transfer from U.S.
companies
• Hardest
• Enforcement Mechanism – Unilateral?
• Existing Tariffs
WSJ – Feb 19, 2019
34. The Perfect Storm – Donald & Jerome
S&P 500
Goldman Sachs Financial Conditions Index
&
Federal Funds Rate
Fed
2018 - Four increases in Federal Funds Rate
35. The Perfect Storm – Hurricane Powell
S&P 500
Double Line Raising Rates Webcast – Feb 26, 2019
Hedgeye Cartoon of the Day – Feb 21, 2019
37. The Perfect Storm – Hurricane Powell
S&P 500
Hedgeye Cartoon of the Day – Jan 14, 2019
Barron’s – Mar 23, 2019
Three Times in 2019
Once in 2020
Twice in 2019
Once in 2020
No increase in 2019
Once in 2020
One Decrease in 2019
38. S&P 500
The Perfect Storm – Hurricane Jerome
Unemployment recently touched it’s lowest level in 49 years (Dec 1969)
WSJ: Current census estimates only 50,000 jobs/month needed to keep
employment stable
Current Gap
-1.0%
43. An Inconvenient Truth Debt
S&P 500
U.S. Unemployment vs. US Budget Deficit as % of GDP
WSJ – Mar 21, 2019
CBO
US Budget deficit to exceed $1T every year
2022-29
Social Security & Medicare = 40% of all
federal spending (excl. interest).
By 2029 will be 50%.
44. An Inconvenient Truth Debt
U.S. Unemployment vs. US Budget Deficit as % of GDP
Deficit increasing while
unemployment
decreasing
Last time we saw this:
Late 60s
Jeffrey Gundlach –
Doubleline
• Last seven recessions
budget deficit
increase average 4%
of GDP
• Last two recessions
5.8% (2001) and 8.8%
(2007)
• Could hit 13% next
recession
45. Bond Yields & S&P 500 Both Move up
Bonds Prices and Stock Prices Negatively Correlated
S&P 500
An Inconvenient Truth US Debt/GDP
Bipartisan lack of interest in reducing debt:
• Republicans – deficit talk a ploy to roll
back tax cuts
• Democrats – deficit talk ploy to cut
Medicare, Medicaid & social security
Washington Post article:
A conversation last year between the President
and senior advisors took place in which a
“hockey stick” spike in national debt was
presented. Trump’s reaction: “Yeah, but I
won’t be here.”
47. Summary - Farmers Almanac
(Old) NWM Forecast
It’s Fall – Getting closer to Winter
No Recession 2019
Economy and earnings to continue growing
Fed to continue tightening 2020
• Create recession in 2020 – 2021
Equities (Dividend Paying) over Bonds
• Remember 1985 & 1995
• Look to reduce risk
• Diversification
• Roots are strong
(New) Nicola Wealth Forecast
Fed keeps rates low – for too long
Result: More severe recession down the road
• Asset Bubble – 2001
• Stagflation - 1973-5
All asset classes under pressure
Longer term – Inconvenient truth
• More debt
• Higher Interest rates
• Less room for fiscal stimulus
• Roots might get severed
66. Top 10% Income Share
31.4%
30.6%
29.8%
26.6%
25.7% 25.4% 25.3%
22.3%
20.0%
22.0%
24.0%
26.0%
28.0%
30.0%
32.0%
China US India France Italy UK Canada Norway
67. Gini Co-efficient
62.5
48.3 47 46.5
37.9 36.2
32.4 32.1
28.7
24.9
20
25
30
35
40
45
50
55
60
65
South Africa Mexico US China Japan New
Zealand
UK Canada Switzerland Sweden
68. Hey Big Spender
Questions
What is lowest cost form of debt?
How much of mortgage debt has been used to acquire assets
or start businesses vs. for personal consumption ?
85%-176% since 1990
69. It’s About the Cash Flow
Debt Service - P and I increase from 12-14.9% since 1990
Debt Service - Interest only decrease from 10-6.5% since 1990
71. By the numbers
Over 4 years assets have risen by $2
Trillion. Liabilities by $400 Billion.
LTV rate now at 18% vs. 17% in 2014.
Declining home prices and equity
markets impacted 2018 numbers.
74. Our Asset Allocation
CDN/US
CDN /
Foreign
(Private &
Public)
Bonds
Mortgages
Private Debt
Hedge Funds
Precious Metals
Real Estate
24%
Equity
36%
Fixed
Income
35%
Alternative
5%
Nicola Wealth Client Composite Model March 2019
75. Issues
o Illiquid asset class
o Hard to diversify
o Significant minimum investment
o Higher fees on committed capital
o Due diligence on managers
o Fund of funds likely best option
76. Northleaf PE Returns vs. MSCI World
Returns to June 30, 2014. Northleaf returns gross of Northleaf fees.
77. Where has the low
hanging fruit gone?
Getting harder
all the time2%< historical
Still expensive
How low can they go?
Source: Statscan
https://www.quandl.com/data/MULTPL/SHILLER_PE_RATIO_MONTH-
Shiller-PE-Ratio-by-Month
Source: NAREIT
78. Private debt
(mortgages and
corporate lending)
2%< historical
Still expensive
How low can they go?
Asset allocation
Value investing
Dividend growth
Private Equity
Build to own
Value add
Modest leverage
Where has the low
hanging fruit gone?
Source: Statscan
Source: NAREIT
https://www.quandl.com/data/MULTPL/SHILLER_PE_RATIO_MONT
H-Shiller-PE-Ratio-by-Month
79. Market Cycles
Markets more expensive
Lower probability for above
average future returns
Markets less expensive
81. What if Everyone is Above Average?
2006 Survey of 300 Fund Managers
76% said they were above average
The other 24% said they were average
100% were average or better?
82. The Deadly Trio
Cognitive Dissonance
(I agree with every fact
That agrees with me)
Over Confidence
(a Bridge - or apple -
too far)
Confirmation Bias
83. Gambling with House Money
Investors increase their
aggressiveness when they win first.
Can we up the
minimum bet?
91. Know Thyself (avoid overconfidence)
Embrace Uncertainty (Minsky Moments)
Play the Odds (Avoid Loss Aversion)
Diversification in asset classes but focus within them
Accept Pain (necessary path for growth)
Behaving Well
92.
93. The 4% Rule
50% success
https://www.onefpa.org/journal/Pages/The%204%20Percent%20Rule%20Is%20Not%20Safe%20in%20a%20Low-Yield%20World.aspx
94. Price is 3 to 4 times as volatile as cash flow
for both real estate and equities
95. A Couple’s Tale
Bob and Linda are both age 60 . In good health and
considering retirement . Here are the other facts:
• Bob is a lawyer and Linda a dentist.
• They are both incorporated and have personal, registered,
and corporate portfolios of $2M each
• Bob’s portfolio is best represented by Morningstar’s
Balanced Index.
• Linda’s portfolio is invested with us in a Core Model
• They want to know the likely impact of withdrawing 4% of
their capital annually and adjusting that to inflation.
• We recreate that model for them going from January 2000
to December 2018.
96. How Well Does It End?
$2.0M $2.0M$1.8M $1.8M$1.7M
$3.7M
$-
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
$4,000,000
Bob 60/40 Linda
Start Income End
97. A Couple’s Tale
What Happened?
• Bob’s indexed income greater than his overall return.
• 85% of Linda’s return from cash flow so less volatility
and no need to sell assets during negative years such
as 2008.
• SWP have greater negative impact in losing years.
• Bob has 6 losing years out of 19 with a combined
loss of 28% . Linda has two losing years with a
combined loss of 7%.
98. What Is Next?
Real and Secular Road Bumps Ahead
Behave Well We’ve Been Here Before
99. THANK YOU
This presentation contains the current opinions of the presenter and such opinions are subject to change without notice. This material is distributed for
informational purposes only and is not intended to provide legal, accounting, tax or specific investment advice. Please speak to your Nicola Wealth Advisor
regarding your unique situation. Forecasts, estimates, and certain information contained herein are based upon proprietary research and should not be
considered as investment advice or a recommendation of any particular security, strategy or investment product. All investments contain risk and may gain or
lose value. Nicola Wealth is registered as a Portfolio Manager, Exempt Market Dealer and Investment Fund Manager with the required provincial securities’
commissions.